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Stock Futures Point Higher on China Data

Written by: Andrea Tse11/01/13 - 7:03 AM EDT

Tickers in this article:
CVX ^DJI ^GSPC ^IXIC

NEW YORK (TheStreet) -- Stock futures were pointing to a higher open on Wall Street Friday after data pointed to an increasingly strong Chinese manufacturing sector.

China's official Purchasing Managers' Index jumped to an 18-month high of 51.4 last month, exceeding the predictions of 51.2, according to a survey of economists by Thomson Reuters. Furthermore, the HSBC/Markit final PMI number rose to a seven-month high of 50.9.

Futures for the S&P 500 were up 2 points, or 1.76 points above fair value, to 1,753. Futures for the Dow Jones Industrial Average were rising 33 points, or 31.25 points above fair value, to 15,510. Futures for the Nasdaq were up 7 points, or 7.32 points above fair value, to 3,376.

Chevron will be reporting before the market open. The oil company is expected to report quarterly earnings of $2.80 a share on revenue of $58.4 billion.

On the U.S. economic front, the Institute for Supply Management is slated to release its manufacturing index report for October at 10 a.m. EDT. The index is expected to slip to 55 from 56.2 in September.

St. Louis Federal Reserve Bank President James Bullard is expected to be among Fed officials set to make public appearances Friday. He is scheduled to give a speech about the economy and monetary policy in St. Louis at 8 a.m.

The benchmark 10-year Treasury was falling 3/32, lifting the yield to 2.57%, while the dollar was up 0.32% to $80.45 according to the U.S. dollar index.

The FTSE in London was off 0.11% while the DAX in Germany was edging lower by 0.19%. The Nikkei 225 in Japan closed off by 0.88%, while the Hong Kong Hang Seng increased 0.19%.

December crude oil futures were rising 2 cents to $96.40 a barrel and December gold futures were falling $6.50 to $1,317.20 an ounce.